Pre European Open, Daily Technical Analysis Monday, April 29, 2019
EUR/USD Intraday: continuation of the rebound.
Pivot: 1.1145
Most Likely Scenario: long positions above 1.1145 with targets at 1.1175 & 1.1190 in extension. Alternative scenario: below 1.1145 look for further downside with 1.1130 & 1.1120 as targets.
Comment: the RSI shows upside momentum.
GBP/USD Intraday: continuation of the rebound.
Pivot: 1.2915
Most Likely Scenario: long positions above 1.2915 with targets at 1.2945 & 1.2960 in extension. Alternative scenario: below 1.2915 look for further downside with 1.2895 & 1.2865 as targets.
Comment: the RSI shows upside momentum.
USD/JPY Intraday: under pressure.
Pivot: 111.70
Most Likely Scenario: short positions below 111.70 with targets at 111.45 & 111.35 in extension. Alternative scenario: above 111.70 look for further upside with 111.85 & 112.00 as targets.
Comment: as long as the resistance at 111.70 is not surpassed, the risk of the break below 111.45 remains high.
AUD/USD Intraday: further upside.
Pivot: 0.7035
Most Likely Scenario: long positions above 0.7035 with targets at 0.7080 & 0.7100 in extension. Alternative scenario: below 0.7035 look for further downside with 0.7020 & 0.7005 as targets.
Comment: the RSI is bullish and calls for further advance.
Gold spot Intraday: the bias remains bullish.
Pivot: 1282.50
Most Likely Scenario: long positions above 1282.50 with targets at 1290.00 & 1295.00 in extension. Alternative scenario: below 1282.50 look for further downside with 1279.00 & 1274.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Crude Oil (WTI) (M9) Intraday: towards 61.95.
Pivot: 63.60
Most Likely Scenario: short positions below 63.60 with targets at 62.30 & 61.95 in extension. Alternative scenario: above 63.60 look for further upside with 64.35 & 64.80 as targets.
Comment: as long as the resistance at 63.60 is not surpassed, the risk of the break below 62.30 remains high. The declining 50-period moving average is acting as resistance now.
Pivot: 1.1145
Most Likely Scenario: long positions above 1.1145 with targets at 1.1175 & 1.1190 in extension. Alternative scenario: below 1.1145 look for further downside with 1.1130 & 1.1120 as targets.
Comment: the RSI shows upside momentum.
GBP/USD Intraday: continuation of the rebound.
Pivot: 1.2915
Most Likely Scenario: long positions above 1.2915 with targets at 1.2945 & 1.2960 in extension. Alternative scenario: below 1.2915 look for further downside with 1.2895 & 1.2865 as targets.
Comment: the RSI shows upside momentum.
USD/JPY Intraday: under pressure.
Pivot: 111.70
Most Likely Scenario: short positions below 111.70 with targets at 111.45 & 111.35 in extension. Alternative scenario: above 111.70 look for further upside with 111.85 & 112.00 as targets.
Comment: as long as the resistance at 111.70 is not surpassed, the risk of the break below 111.45 remains high.
AUD/USD Intraday: further upside.
Pivot: 0.7035
Most Likely Scenario: long positions above 0.7035 with targets at 0.7080 & 0.7100 in extension. Alternative scenario: below 0.7035 look for further downside with 0.7020 & 0.7005 as targets.
Comment: the RSI is bullish and calls for further advance.
Gold spot Intraday: the bias remains bullish.
Pivot: 1282.50
Most Likely Scenario: long positions above 1282.50 with targets at 1290.00 & 1295.00 in extension. Alternative scenario: below 1282.50 look for further downside with 1279.00 & 1274.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Crude Oil (WTI) (M9) Intraday: towards 61.95.
Pivot: 63.60
Most Likely Scenario: short positions below 63.60 with targets at 62.30 & 61.95 in extension. Alternative scenario: above 63.60 look for further upside with 64.35 & 64.80 as targets.
Comment: as long as the resistance at 63.60 is not surpassed, the risk of the break below 62.30 remains high. The declining 50-period moving average is acting as resistance now.